My retirement fund allows me to take a loan on my roth 401k to use as I see fit, as long as I pay it back. They allow up to a 3rd of your total to be loaned put, and you can set the length of the loan up to 5 years. The payback is taken out of your check, and has a rate of 8% a year, plus a initial 125$ fee that you don't get back. I currently have about 12k, so can loan out 4k. I have about 18k in debt at about 25% interest. You can only have 1 loan at a time, so if I loan out 4k I can't get a second loan until the 4k is payed off.
Submitted December 08, 2022 at 02:10AM by all-day-tay-tay https://ift.tt/IGUluy8
